Gibraltar, Economy and Government

Gibraltar pound, Legislative powers, House of Assembly, Council of Ministers, pound sterling

Because few natural resources are found, the major factors of the economy are the processing of food products, tourism, and shipping. A free port and gambling concessions attract tourists. The Admiralty harbor is an important fortress and strategic naval base. The Gibraltar pound is at par with the pound sterling.

Gibraltar is administered by a governor, who is the representative of the Crown. The governor is advised by the Gibraltar Council, which consists of five elected and four ex officio members. The Council of Ministers makes recommendations to the Gibraltar Council. Legislative powers are vested in the House of Assembly, which consists of a speaker (appointed by the governor), 15 elected members, and 2 ex officio members. About 1,800 British troops were maintained in Gibraltar in the late 1980s, but by 1999 that number had been reduced to about 700.